GREECE TO LIFT RESTRICTIONS ON BANK CASH WITHDRAWAL IMPOSED MORE THAN THREE YEARS AGO.

It was reported that Greek authorities are planning to lift restrictions placed more than three years ago on domestic cash withdrawals. According to the country’s finance minister, starting from 1 October 2018, depositors will not face any restrictions on withdrawals from bank accounts in Greece. Also the limit on cash being carried to abroad will increase from 3,000 euros to 10,000 euros and the citizens of the country abroad can withdraw up to 5,000 euros ($5,800) per a month.

In June 2015, Greek authorities imposed restrictions on cash withdrawals in order to prevent banks from collapsing as depositors were trying to empty their bank accounts at the height of the country’s debt crisis.